How to Buy Government Ijara Sukuk (GIS) in Pakistan: Tenors, Yields and the Latest PSX Auction

An earlier version of this guide said the latest result was from December 2023. That was wrong. The State Bank's result sheets had stopped updating because the auctions moved to PSX.

Government sukuk pay rent, not interest, and come in six tenors

A sukuk is an Islamic bond. Instead of interest, the government pays rental on assets, or sells the sukuk below face value and repays the full amount at maturity. PSX says that from April 2026 the government added Government of Pakistan Hybrid Sukuk: 55 per cent Ijarah (a lease) and 45 per cent Murabaha (a cost plus sale). Most tenors now auctioned are hybrid sukuk. The issuer is Pakistan Domestic Sukuk Company Limited, a company wholly owned by the Ministry of Finance.

For short-term sukuk the minimum face value is Rs 5,000. The 84, 182 and 364 day lengths are the 3 month, 6 month and 1 year issues. PSX's page does not state a minimum for the longer tenors, so ask your broker.

The latest PSX auctions cleared between 12.35 and 12.90 per cent

PSX publishes every result in its GIS Auction Results table. The cut-off yield is the highest yield the government accepted. Amounts below are face value in rupees.

On 4 November the government also offered a 10 year zero coupon sukuk and accepted nothing from Rs 1.8 billion of bids. Each issue also had small non-competitive amounts accepted, such as Rs 2.3 billion in the 1 year sukuk.

Competitive bidders get their own yield, non-competitive get the average

PSX says the auctions now use non-uniform pricing, also called pay-as-bid. There is no single cut-off rate for every winner any more.

• A competitive bid names a yield. If it is accepted, you get the yield you bid.
• A non-competitive bid names no yield. If it is accepted, you get the weighted average yield of the auction.

For a small saver a non-competitive bid is simpler. You do not need to guess the market, and you avoid having a bid above the cut-off rejected.

How to buy government sukuk through PSX

PSX tells investors to use a broker on its list of BnB (bills and bonds) enabled brokers. Not every broker offers it.

1. Open an account with a PSX broker, or use the one you have. Check the broker first with our PSX TREC holder check.
2. Ask whether the broker is enabled for bills and bonds and what it charges.
3. Find the next auction date on PSX's government debt auction page.
4. Give a competitive or non-competitive bid, with the face value, before the broker's cut-off time.
5. After the result, check the sukuk in your account statement and note the maturity date.

A first-time investor with a small amount can start with a PSX Sahulat account opened with a CNIC. The State Bank's financial market page has also said that Islamic banks and Islamic branches act as dealers for their clients, so your Islamic bank's treasury desk is a second route to ask about.

Next auction dates on the PSX calendar

Dates can change, so check PSX's calendar the week before. Brokers close bids before the auction itself.

Compare sukuk with funds and Islamic savings

A sukuk held to maturity pays a known return, but its price moves if you sell early. A Shariah compliant money market fund is an easier way to hold similar paper and withdraw any working day. Check a fund's return and fees on MUFAP, as our guide to checking a mutual fund's NAV, returns and fees shows, and start small with a Sehl or Sahulat mutual fund account.

For bank options, the 75 per cent profit pool rule at Islamic banks explains how savings profit is set. Conventional bills work differently, as in the guide to investing in treasury bills. For tax or zakat on sukuk, ask your broker or a scholar.

Common questions

What is a Government Ijara Sukuk?

It is a Shariah compliant government security that pays rental or is sold at a discount, instead of paying interest. Most tenors auctioned since April 2026 are hybrid sukuk, part Ijarah and part Murabaha.

Where can I buy GIS in Pakistan?

At the auctions on PSX, through a broker enabled for bills and bonds. Islamic banks have also acted as dealers for their clients.

What is the minimum investment?

PSX gives a minimum face value of Rs 5,000 for the 3 month, 6 month and 1 year sukuk. Ask your broker for the longer tenors.

What did the last auctions pay?

On 28 October 2026 the 1 year sukuk cut-off yield was 12.8955 per cent. On 4 November the 5 year FRR cleared at 12.75 per cent.

When is the next GIS auction?

The PSX calendar lists 11 November and 25 November 2026 for the short-term and 10 year VRR sukuk, and 16 December for the 3 and 5 year FRR.

What is the difference between FRR and VRR?

FRR pays a fixed rental rate for the whole tenor. VRR pays a rental rate that is reset over time.

How we verified this

What we checked and where we read it.

We read PSX's government debt auction page and its GIS auction results table on 8 November 2026, and the figures below come from them.

Last checked 8 November 2026. Tenors, structure, issuer, minimum face value, pricing rules, the broker route and the calendar come from PSX's Government Debt Securities primary market auction page. Results come from the PSX GIS Auction Results table. The Islamic bank dealer point comes from the State Bank's financial market page, read on 22 October 2026. Rounding to billions is ours.